Rupee rises 10 paise to 95.60 against US dollar, Nifty opens around 23,900 in early trade

The Indian rupee recovered early losses to rise 10 paise to 95.60 against the US dollar in early trade on Wednesday, after opening 7 paise weaker at 95.75 amid continued concerns over the West Asia crisis and rising crude oil prices. The domestic currency had closed at 95.68 per dollar on Tuesday. Indian equity markets were expected to open largely flat, with investor focus remaining on developments in the US-Iran conflict and the impact of elevated oil prices. GIFT Nifty futures were trading at 23,890.5 at 7:59 am IST, indicating a muted start compared to Tuesday’s Nifty 50 close of 23,913.7.Tensions in the region remained high after Iran accused the US of violating a ceasefire by carrying out strikes near the Strait of Hormuz, potentially complicating efforts to end the three-month-long conflict. Adding to concerns, Israel reportedly carried out more than 120 air strikes in Lebanon on Tuesday, one of the heaviest bombardments in recent weeks, according to Lebanese security sources. Brent crude hovered near $99 per barrel, while Asian markets traded higher, with Japan’s Nikkei touching a record high amid optimism around artificial intelligence-driven growth. Foreign institutional investors sold Indian equities worth Rs 24.08 billion ($251.67 million) on Tuesday, according to provisional data. Overseas investors have now pulled out $24.2 billion from Indian markets so far this year, surpassing the previous annual record selloff seen in 2025. Among stocks to watch, Coal India will remain in focus after the government announced plans to sell up to a 2% stake in the company through an offer for sale at Rs 412 per share, nearly 10% below its last closing price.